Morning Market Quote : Many favourable factors have come together to push the markets to record levels Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 25 November 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"Many favourable factors have come together to push the markets to record levels: the FOMC minutes indicating smaller rate increases, the sharp correction in crude, FIIs turning buyers, reports of impressive credit growth and capex revival and even the bad news of record Covid spread in China is turning out to be good news for India since it will accelerate the China Plus One policy. Nifty breaking the previous record high of 18,604 is only a question of time. The significant feature of this rally is that it is driven by heavy weights like HDFC Bank, ICICI Bank, HDFC, Infy, TCS, HCL Tech and RIL which have strong fundamentals and this makes the rally healthy. But the market is unlikely to surge from the record highs since the valuation headwind will act as a restraint.
Vast majority of retail investors, particularly the newbies, have missed out on this rally since their portfolios are largely mid-and small-cap oriented. As of now, the possibility of the rally spreading to the broader market is limited."
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